The Student Room Group
Uni students - Complete our survey >>
Uni students - Complete our survey >>
Uni students - Complete our survey >>

This discussion is now closed.

Check out other Related discussions

Edexcel AS Economics Units 1, 2 and 3 [Fri 8th June]

Scroll to see replies

what are the market forces again? :s-smilie:.. i hate that kind of question
i think they're like the free market stuff and price mechanism with S & D

but i'm not sure!
If you look at the questions then you'll see that sugar has clearly got something to do with agriculture. Speaking out of unit 2 Economics terms, sugar is an agricultural commodity. In that paper, it also asks you to draw an minimum price diagram, asks for reasons why the EU intervenes as well. It also talks a lot about the EU's sugar policy. It is definately an area of agriculture. There's a good agricultural question from June 05 as well, it's on milk and dairy. Although the topics in question are different, the concepts are what you need to understand I would think... Looking at the mark schemes, the evaluation points seem pretty much similar each time as well.
Reply 83
Avatar for Zinck
Zinck
OP
1
Can anyone critically assess the effectiveness of Monetary and Fiscal Policies?
liverpool
what are the market forces again? :s-smilie:.. i hate that kind of question


When they talk about market forces they mean the 'natural' equilibrium pretty much. It's without intervention from government etc. It's just the supply and demand and equilbrium price normally. This is what usually leads to market failure, hence government intervention is needed through min price buffer stocks etc etc. So basically if they ask you why education for example shouldn't be provided by market forces, by that you need to be able to see that education is a merit good and it will be under provided and under consumed because people do not look at the long term benefits of education. Humans only think of the short -term, yes we are that stupid lol.
do we need 2 know and quote current economic data for the exams? => like unemployment levels, interest rate etc.

does anyoune know what measure of unemployment the uk currently uses?
sazsaysisit
do we need 2 know and quote current economic data for the exams? => like unemployment levels, interest rate etc.

does anyoune know what measure of unemployment the uk currently uses?


dont know what measure, but question will be on ILO and claimant. make sure you know the difference and the limitations :smile:
Reply 87
Avatar for Zinck
Zinck
OP
1
Comparison time:

Anyone care to explain briefly LFS and CC ?

And then the Advantages and Limitations?
Zinck
Can anyone critically assess the effectiveness of Monetary and Fiscal Policies?


Well I find there a more negative things to say about Fiscal policy. By now we should all see that Fiscal policy refers to changes in expenditure (government spending and taxation). One point to this is the considerable time it takes to implement these changes because tax changes are only usually announced annually and then you should note that there is a time lag before they actually have an effect and work their way through the economy. Also a good point is that it's difficult to determine the magnitude of the effect and how much spending should be changed. Factors such as consumer/business confidence need to be looked at and the effect of the multiplier. Remember the multiplier effects the demand side of the economy, not the supply side.

The big problem with monetary policy is the exchange rate. A rise in the interest rate leads to a rise in the value of the pound, that means imports will increase but exports decrease - this causes uncompetitiveness and possibly unemployment (unemployment dependent on whether the supply side of the economy is nearing full employment or not).
Zinck
Comparison time:

Anyone care to explain briefly LFS and CC ?

And then the Advantages and Limitations?


ILO = a survey in which it looks at the people who are available for work and have been looking for past 4 weeks

claimant = is people who are getting benifits of LFS


however for claimant many groups are left out like housewives etc easy to measure through the gvct stats etc

ILO is expensive and hard to measure and is kinda out of date as soon as published.

there was a post earlier in this thread which explained it much better that i just did :P
is it alrite if i only know the benefits and externalities diagrams for unit 2 or will i need to kno anything else?
Reply 91
Avatar for Zinck
Zinck
OP
1
Cheers amanat_takhar - sounds like your a bit of a brainbox at Economics :tongue:

Ye,

Claimant Count measures all those people who are out of work and who are eiligible to claim benefits.

Advs: Quick to produce and can provide detailed local info displaying differences between regons

DisAdvs: Susceptible to changes in the rules governing people eligible for benefits.

It does not include:
- females who are actively looking for work because they are not entitled to benefits
- males in their 50s and 60s who may be collecting a pension from their previous employer, but who are looking for employment.



ILO - this is a measure of unemployment drawn from research into employment called the LFS.

Quartely based (4 times a year) based on a random sample of 60000 households from across the UK of which private households account for 99%.

The unemployed are measured as those without a job, who:
- are available for work
- have looked for work in the past 4 weeks

Ads: International comparisons

DisAdvs: It is costly and takes time to compile and publish. It is out of date before publication and is subject to samplying errors.

It does not include:
- part time workers who are actively seeking full time work
- those who are out of work and who are not actively seeking work, but who are receiving benefit and would take a job if it were offered to them
Reply 92
Avatar for Zinck
Zinck
OP
1
All I guess there is to say now is:

Good Luck Everyone!
Zinck
All I guess there is to say now is:

Good Luck Everyone!



yup good luck 2 u and everyone else sitting the exam :wink:
Reply 94
Avatar for iotba
iotba
Good luuuck! :biggrin:
Reply 95
Avatar for neelo_123
neelo_123
ohh man.. really dont wanna do this exam.. but its the last of them so im excited.. its an orgy of emotions at the moment lol.. good luck everyone
Reply 96
Avatar for mojo24
mojo24
im goin into the exam without having revised so i think i am helpin you all by lowerin the boundry levels!!!!
Reply 97
Avatar for maxhk
maxhk
2
Sooo how were the papers? Not sure if you guys have finished the papers, but candidates in my region have already finished the 3 papers!!!
Reply 98
Avatar for qwerty3
qwerty3
6
We shouldnt be talking about a edexcel exam so soon !!! thread will be closed soon.
Exactly... Thread closed until 12hrs have passed, see announcement about discussion of Edexcel exams:smile:

Related discussions

Latest

Trending

Trending

Articles for you